June 6th, 2025 4:39 PM by Ken Morley
Down payment assistance programs provide financial support to help cover the upfront costs of purchasing a home. These programs often come in the form of grants or low-interest loans and are typically geared toward first-time or low- to moderate-income buyers.
Colorado Housing and Finance Authority (CHFA)
CHFA is a leading provider of DPA in Colorado, offering two main options:
DPA Grant: Provides up to 3% of the first mortgage amount as a grant, which does not require repayment.
Second Mortgage Loan: Offers up to 4% of the first mortgage amount as a zero-interest, deferred-payment loan, repayable upon sale, refinance, or if the home is no longer the primary residence.
Eligibility Criteria:
Minimum credit score of 620.
Meet income limits, which vary by county and household size.
Complete a CHFA-approved homebuyer education course.
Contribute at least $1,000 toward the home purchase.
CHAC offers second mortgage loans up to $25,000 with 0% interest and deferred payments, aimed at low- to moderate-income first-time homebuyers.
First-time homebuyer status (no ownership in the past three years).
Meet income limits, which vary by county.
Complete a homebuyer education course.
Contribute a minimum of $1,000 toward the purchase.
Navigating the path to homeownership in Colorado can be challenging, but down payment assistance programs offer valuable support. By understanding and utilizing these resources, you can make your dream of owning a home a reality. If you would like to learn more about Down Payment Assistance programs available here in Colorado simply give us a call at (303) 650-9400 today. There is no cost or obligation to chat.